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Showing posts from November 18, 2021

MLB Team Washington Nationals Partners With Terra Blockchain Community, Ballpark Plans to Accept UST

On February 9, the American professional baseball team based in Washington, D.C., the Washington Nationals, announced the team has partnered with Terra, the open-source blockchain platform and decentralized autonomous organization (DAO). The Washington Nationals detail that the team is a “leading innovator” and is “consistently introducing new technologies to enhance the fan experience.” Washington Nationals Ink Long-Term Deal With Terra Major League Baseball (MLB) team the Washington Nationals has partnered with the blockchain platform and DAO Terra, according to an announcement published by the team on Wednesday. The deal with Terra follows a slew of sports-related deals with crypto firms, but the MLB team will be the first to partner with an open-source blockchain project. In addition to the partnership, the algorithmic stablecoin UST that’s issued on the Terra blockchain will be “accepted as a payment method at Nationals Park as early as next season.” “The Nationals continue t...
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Chamath Palihapitiya sells 15% of his stake in SOFI

Bitcoin billionaire Palihapitiya will use earnings from the sale to fund other “future-shaping technologies” for his venture firm. Billionaire Chamath Palihapitiya has sold 15% of his position in the crypto and stock trading platform and finance company SoFi. The company went public earlier this year through a merger with a blank-check company led by Palihapitiya, and was valued originally at $8.65 billion and now has a market cap of $17.04 billion. Palihapitiya, a Bitcoin billionaire and former senior executive at Facebook, confirmed his move to sell SoFi stock via a tweet on Nov. 19. 1/ Many of us are trying to make sense of what’s happening in the markets these days. Here are some observations and moves we’ve recently made to continue our work: pic.twitter.com/Z4yA7sS3N6 — Chamath Palihapitiya (@chamath) November 18, 2021 In his announcement, he stated “Equity markets, crypto markets, art valuations, SaaS multiples — almost everything seems to be at all-time highs,” as he ...
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RBA warns Aussies over punting on ‘fad driven’ cryptocurrencies

The Reserve Bank of Australia has warned local investors that the speculative frenzy on crypto could soon dry up if policymakers and regulators step in. The Reserve Bank of Australia (RBA) has warned Aussie investors about speculating on digital assets as it casts doubt over the entire crypto sector. During a Nov. 18 address to the Australian Corporate Treasury Association, the RBA’s head of payments policy Tony Richards offered an overview on distributed ledger tech, crypto assets, stablecoins, and central bank digital currencies (CBDCs). In his speech, Richards raised questions over crypto’s validity and growth in 2021 as he took aim at the amount of capital invested into memecoins such as Dogecoin (DOGE) and Shiba Inu (SHIB): “The recent boom in this area is perhaps best illustrated by the fact that Dogecoin, a cryptocurrency that was started as a joke in late 2013, had an implied market capitalization as high as US$88 billion in June this year.” “And the Shiba Inu token, wh...
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Half of Uniswap v3 liquidity providers are losing money: New research

A recent study of Uniswap v3 pools revealed that on average, almost half of the liquidity providers are losing money due to impermanent losses. Recent research shows that impermanent losses have become an increasing issue for liquidity providers on Uniswap v3.  A Nov. 17 report by Topaz Blue and the Bancor Protocol found that 49.5% of liquidity providers on Uniswap v3 have incurred negative returns from impermanent loss (IL). The report highlighted that Uniswap v3 generates the highest fees of any automated market maker (AMM) today, but IL surpasses those earned fees. The research surmised that hodling may have been a better option for liquidity providers. “The average liquidity provider (LP) in the Uniswap V3 ecosystem has been financially harmed by their choice of activities and would have been more profitable simply holding their assets.” Impermanent loss is a phenomenon that occurs to liquidity providers on automated market makers (AMMs) when the spot price of the asset...
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Robinhood exec says proposal for a single digital asset regulator is stupid

Robinhood’s chief legal officer is not enamored with a recent Coinbase proposal for a separate regulatory body for the crypto space. Robinhood’s chief legal officer Dan Gallagher described the idea of creating a new digital asset regulator was “just plain silly” at a conference on Nov. 17. Robinhood is a popular commission-free trading app that offers digital assets, and rival crypto asset exchange Coinbase put foward the idea of a new regulator in October. Gallagher told attendees at the Georgetown University Financial Markets Quality Conference that “it doesn’t make sense” to add additional agencies to “the alphabet soup of Washington.” He went on to say that attempting to transfer authority from agencies like the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) to another regulator was “one of the stupidest ideas I've heard in this space in a long time." Gallagher previously served as a commissioner on the Securities and Exchan...
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US City Installs Crypto ATM at Airport After Accepting Cryptocurrency for Payments

The U.S. city of Williston in North Dakota is installing a cryptocurrency ATM at its international airport. “This marks the first government-hosted cryptocurrency kiosk,” the city said. Williston also accepts cryptocurrencies for payments of utility bills. ‘The First Government-Hosted Cryptocurrency Kiosk’ The city of Williston in the U.S. state of North Dakota announced Wednesday a partnership with crypto ATM operator Coin Cloud to install a cryptocurrency ATM at its Williston Basin International Airport (XWA). The city wrote: This marks the first government-hosted cryptocurrency kiosk and the first Coin Cloud installation in an airport. “This is an ambitious step in introducing and engaging the public towards cryptocurrency while proactively playing a role in building the digital ecosystem,” commented the city’s finance director, Hercules Cummings. “Although we are a smaller rural community, we are making an impact. Taking this small step may pave the way for other government ...
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1.2M users flock to NFT Pirate Bay for artwork archive

An Aussie software developer has created "The NFT Bay" containing an archive of NFT copies to show they are “nothing more than directions on how to access or download an image.” An Australian software developer has created an online repository of non-fungible tokens (NFTs) called the “The NFT Bay”. The repository includes JPEG versions of the NFTS, not the blockchain-secured token itself. Adelaide resident Geoffrey Huntley launched The NFT Bay 10 hours ago containing a 17.96 terabyte archive of non-fungible token image copies that has since attracted a total of 1.2 million visits. The site has the same layout and logo as torrent website The Pirate Bay, where users can download pirated films, video games, music, and other media. However, instead of downloading blockbuster movies, users can download JPEG copies of NFTs. Source: The NFT Bay . In a  statement , the NFT skeptic said that the prank has an artistic purpose, describing it as “an educational art project” so ...
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South Korea's leading blockchain facing greater competition in NFT market

South Korean blockchain platform Klaytn may see its domestic dominance dwindle if it cannot keep pace with competitors such as Polygon. South Korea’s nonfungible token ( NFT ) space has rapidly expanded throughout 2021 led by the growth of crypto and NFT services offered by Kakao, but competitors are entering the fray. The NFT market in South Korea could be on a path for even more expansion following the Nov. 5 government ruling that  NFT purchases will not incur taxes . Klaytn, the blockchain developed by Korean tech startups Kakao and GroundX, is the obvious first choice for Koreans searching for a network to buy and sell NFT’s. Klaytn’s market dominance in Korea is unrivaled as KakaoTalk, Kakao’s flagship products suite, has over 52 million active users and integrates Klaytn’s Klip crypto wallet directly into its mobile app. Sangdi, CEO from Spoon, an NFT creator platform based in South Korea, told Cointelegraph that, “If KakaoTalk pushes them, ordinary people who have no...
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Major Australian Baseball League Team Perth Heat to Pay Players in Bitcoin and Hold BTC on Balance Sheet

One of the most successful baseball teams in Australia, the Perth Heat, is adopting the bitcoin standard. The team will pay players and staff in bitcoin, accept the cryptocurrency for payments, and hold bitcoin on its balance sheet. The Perth Heat Will Operate on Bitcoin Standard The Perth Heat, a major baseball team in the Australian Baseball League, announced Wednesday that it will “operate on bitcoin standard.” The team, which is one of the most successful in Australia, has partnered with bitcoin payments company Opennode to accept and send bitcoin payments powered by the Lightning Network. “In partnership with Opennode, the Perth Heat is setting bitcoin as the new standard for payments and payouts,” the team wrote. According to the announcement: Perth Heat will pay players in bitcoin, pay staff in bitcoin, accept bitcoin payments for sponsorships, merchandise, and ballpark concessions, [and] hodl bitcoin on the club’s balance sheet. Perth Heat CEO Steven Nelkovski commented...
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$400M funding round to help Gemini build in the decentralized Metaverse

The Winklevoss twins have big plans for a Gemini future in different Metaverses as they go head to head with archrival Meta. The Winklevoss twins’ crypto exchange Gemini will allocate capital from its $400 million funding round into building a “Gemini experience in different Metaverses.” Gemini announced that it had closed a $400 million equity growth funding round at a valuation of $7.1 billion on Nov. 18, marking the first time the firm had sought outside financing. Morgan Creek Digital led the round with participation from 10T, ParaFi, Newflow Partners, and Marcy Venture Partners to name a few. Notably, the Commonwealth Bank of Australia (CBA) — which also partnered with Gemini to launch the first crypto trading services offered by a big four Australian bank — also backed the round. “With this round of financing, Gemini will continue to bring simple, innovative, and secure products to market, and advance its geographic expansion,” the announcement read. During an interview w...
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BREAKING: ConstitutionDAO fails to win Sotheby's auction

Proceeds of the U.S. Constitution sale will benefit the Dorothy Tapper Goldman Foundation. The online group, ConstitutionDAO, has failed in its bid to purchase the last privately owned, 1st edition print copy of the U.S. Constitution at public auction at Sotheby’s on Thursday.  "The 'Official Edition' of The United States Constitution" was instead won by an unknown bidder for $41M (or $43.2 million after auction fees), meaning the DAO failed in its historic attempt to put it “in the hands of The People.” The news broke in an announcement on the official Discord. "While this was not the outcome we hoped for we still made history tonight," the post read. This specific copy is one of just thirteen copies of the Official Edition of the Constitution from the Constitutional Convention. It was first purchased from Sotheby’s by the late real estate developer S. Howard Goldman in 1988 for $165,000. His widow Dorothy Goldman put it up for sale this year and decid...
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Norway Mulls Backing Sweden’s Call for Euro Ban on Crypto Mining

The government in Norway is considering ways to limit the environmental impact of cryptocurrency mining and may support Swedish proposals to that end, including a European ban on proof-of-work mining. The European Commission has revealed it is already working to promote a transition to “more sustainable” protocols. Extensive Use of Renewable Energy for Mining Is Hard to Justify, Norway Minister Says Authorities in Norway are mulling over potential policy measures to deal with the effects of crypto mining on the environment, the country’s minister responsible for local government and regional development has indicated. As part of the review, the Norwegian government intends to look into solutions recently put forward by Swedish regulators and work for common European rules. Speaking to Euronews Next, Minister Bjørn Arild Gram also stated: Although crypto mining and its underlying technology might represent some possible benefits in the long run, it is difficult to justify the exten...
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Shanghai Man: VeChain still popular in China, crypto media shutdown and OKEx goes global

This weekly roundup of news from Mainland China, Taiwan, and Hong Kong attempts to curate the industrys most important news, including influential projects, changes in the regulatory landscape, and enterprise blockchain integrations. Its been over half a year since the crackdowns began in China and pressure from the top-down government is still being enforced. Most projects operating from within China are finding ways to skirt regulations by focusing on the technological aspect, but few are in a very enviable position. Among other issues, finding talented individuals to hire will certainly become more difficult as conservative-minded local citizens will have concerns about safety and the sustainability of the industry. At home with new policies Some projects, like VeChain, are using the opportunity to focus on their blockchain-as-a-service technology and are well positioned to continue operations. Blockchain has always been viewed as an important technology for China, especially wh...
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Traders say Bitcoin’s drop to $57K is an ‘attractive entry’ for hodlers

Bitcoin’s price fell below the $57,000 level on Nov. 18, sparking a widespread sell-off in ETH and altcoins. But traders say the current range presents an “attractive entry” for hodlers. The price of Bitcoin ( BTC ) dropped to fresh lows on Nov. 18, and the brief visit to the $56,000 level resulted in a sharp sell-off in Ether ( ETH ) and altcoins. Data from Cointelegraph Markets Pro and TradingView shows that support at $60,000 was breached early on in the United States trading session, and this allowed bears to briefly take control of the market. BTC/USDT 4-hour chart. Source: TradingView Here’s what analysts have to say about the day’s price action and whether or not traders should be concerned about additional downside. Major drawdowns “will be relatively short-lived” According to a recent report from cryptocurrency research firm Delphi Digital, “The initial sell-off was largely driven by a wave of liquidations rather than a fundamental shift in narrative,” which suggest...
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Player Sizzles the Casino Floor With a $134,000 Jackpot Win on Bitcoin.com Games

Bitcoin.com Games dishes out a massive jackpot win for a lucky player who cashes out the big loot! Player Cashes out 2.25 Bitcoin After a Single Lucky Spin Turning up the heat on Bitcoin.com Games, our very own crypto casino is Wazdan’s smashing new slot game Sizzling Bells . The brand new game was just recently released back in October and features some of the most sought-after features in a game by slot lovers across the world. Sizzling Bells is a modern take on classic slot machines and features stunning bells, juicy fruits, lucky stars, and is capable of producing wins of up to 15000x a player’s initial bet amount. With 5×5 reels and options to set custom volatility levels, the new slot game has now chosen one lucky player to reward with a massive jackpot of $134,000 on a flick of a single spin. Sizzling Bells is capable of dishing out big jackpot wins of up to 15000x a player’s bet amount ! The game features Sticky Bonus symbols that can land the player into the lap of a bi...
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xSigma’s MaximNFT to Launch Beta in Late November, Including NFT Collections From Brian Tracy and Numerous NFL Players

PRESS RELEASE. WENZHOU, China/PRNewswire/ — ZK International Group Co., Ltd’s (Nasdaq: ZKIN) (“ZKIN”, “ZK International” or the “Company”), and its subsidiary xSigma Collectibles (“xSigma”), is pleased to announce the launch of MaximNFT’s open beta on November 29th. MaximNFT is an upcoming NFT marketplace launched by xSigma in partnership with Maxim magazine. It will include exclusive NFT collections from high-profile individuals such as Brian Tracy, and a host of NFL players. Brian Tracy is a personal development speaker, and author of the worldwide best-seller “The Psychology of Achievement”. The book is just one of Tracy’s hundreds of textual, audio and video learning programs. His other works include “The Art of Closing the Sale”, “Eat that Frog” and “Maximum Achievement”. Tracy’s NFT collection is a charity project. Jon Orlando – CEO of MaximNFT – said he looks forward to hosting the collection, alongside other charity projects on MaximNFT in the future. Meanwhile, MaximNF...
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Airdrop rumors result in a swarm of activity on MetaMask Swap and Polygon

Airdrop hunters flocked to MetaMask Swap and the Polygon network in an effort to qualify for a possible token distribution from the popular cryptocurrency wallet provider. Five to six-figure-size airdrops have become the new norm in the crypto sector and a growing number of analysts believe there are more to come. In September dYdX distributed a massive airdrop to early users and last week the  Ethereum Name Service  gave out roughly $17,000 to $30,000 in ENS tokens to platform users. Anticipation of additional "helicopter money" has also led to a flurry of airdrop hunters seeking out the next big score.  The mad dash to engage with protocols and qualify for possible token drops led to an uptick in activity on Polygon, a popular layer-2 platform, and MetaMask. Since last week rumors that MetaMask may release its own token have been circulating and this is reflected in the increased engagement on MetaMask Swap. According to data from Delphi Digital, activity through M...
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US lawmakers introduce bill to 'fix' crypto reporting requirement from infrastructure law

The bill proposes pushing back the mandated reporting requirements to 2026 as well as changing the definition of broker. A bipartisan group of United States lawmakers has introduced legislation to change the tax reporting requirements that will go into effect due to the recently signed infrastructure bill. House Representatives Patrick McHenry and Tim Ryan introduced the Keep Innovation in America Act which would change the definition of broker as defined in HR 3684, the bipartisan infrastructure bill signed into law by President Joe Biden on Nov. 15. The bill proposes pushing back the mandated reporting requirements — which includes digital asset transactions worth more than $10,000 to be declared to the Internal Revenue Service — from 2024 to 2026. I introduced this bipartisan bill w/ @RepTimRyan to fix the new poorly constructed #digitalasset reporting requirements. The Keep Innovation in America Act will provide clarity to innovators deploying the next generation of int...
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Report: Leading NFT Marketplace Opensea Presented With $10 Billion Valuation, Investors Are ‘Clamoring’

On November 17, a report disclosed that the leading non-fungible token (NFT) marketplace, Opensea, is “fielding new investment offers” according to two unknown sources familiar with the matter. The investment could propel Opensea’s valuation by six times to a $10 billion market valuation, according to the sources. Report Claims Opensea Offered a $10 Billion Valuation During the first week of November, the popular NFT marketplace Opensea surpassed $10 billion in all-time sales, according to statistics from dappradar.com. At the time of writing, dappradar.com metrics indicate Opensea’s all-time sales equate to $11.11 billion today. Now, according to a report published by theinformation.com’s Kate Clark and Berber Jin, Opensea is fielding new investment offers and a new investment could make the company’s market valuation rise to $10 billion. The two sources told Clark and Jin that the NFT marketplace did not “initiate” the financing as the people familiar with the matter stresse...
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‘We want to build Minterest as a fairer financial system,’ says CEO Josh Rogers

In an exclusive interview with Cointelegraph, Rogers discussed the technology, tokenomics and outlook of the Minterest borrowing and lending protocol. Decentralized finance (DeFi) protocols have gained significant traction in the cryptocurrency sector, with a total value locked surpassing $271 billion, based on data from DefiLlama. One exceptionally popular category of DeFi services is that of decentralized borrowing and lending, where users can pledge their crypto as collateral and take out stablecoin loans (or vice versa) to pay for everyday expenses while their investment continues to grow. Total value locked in DeFi. Source: DefiLlama Such protocols typically charge a spread or difference between deposit and lending rates as a service fee. But then there are protocols like Minterest that seek to distribute a vast majority, if not all, of their profits back to users. Earlier this month, Minterest  launched on Moonbeam , an Ethereum-compatible smart contract parachain on ...
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